News

On 19.6.2015 the Companies Law(Amending) (No 4) Law of 2015, [N89(I)/2015] was published in the Official Gazette of the Republic. The Amendment Law aims at the modernisation of Companies Law via interalia, streamlining the process of registration and strengthening the enforcement powers of the Registrar to ensure adequate updating of information and de-registration of non-compliant companies.

Some key provisions and modernising existing procedures. The amendments include:

by removing of the Registrar’s handwritten signature during the certification of the company registration, charge registration, copy of the court order and delivery of the court order

by delegating the power of authorization to other officers in the Department of Registrar or Companies and Official Receiver

by introducing of a seal to certify documents and delegating of the Registrar’s signing authority at any time, not just in his absence

by simplifying the objects to be recorded in the memorandum of trading companies and introducing the term of a ‘trading company for general purposes’ on the basis of which the company may carry out any work, business or profession

by simplifying various forms

by increasing of the minimum number of shareholder members to include any member in the employment of any subsidiary or any holding of the company and/or any subsidiary company of the holding of the company.